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Let's be honest: ICOs=cancer

This post is in preparation for all the "X country bans ICOs" that are coming in the next days/weeks/months.
ICOs are cancer because they are not really serving the purpose of "funding new and innovative projects" they are mostly unnecessary tokens sold by people wanting to enrich themselves fast and bought by mainly:
1) naive people 2) people wanting to make a quick buck from naive people
Long term, it is good for Bitcoin to reduce the absurd dilution of the "digital value token" space that ICOs bring to the table without providing anything really innovative or worthwhile.
Now, you're free to upvote/downvote according to your ICO token holdings at this moment in time.
I appreciate the moderate responses of good people that says "well, not all ICOs are SCAMs" and I can agree with that. There must be some well intentioned entrepreneurs that use this as a way of getting funding without all the hurdles of the traditional VC way. The problem is they are very, very scarce among all the quick/easy money schemes (that are, by the way, some of the most visible examples). I think it is difficult to say the opposite.

To the people saying: "we should all be anarchists/you're a statist/you're basically Jamie Dimon for saying this". Thanks for participating but no thanks. I believe in personal freedoms but not in the freedom to SCAM other people without any repercussion. Not everybody should be super intelligent to not be scammed by the guy next door.

To the people saying "this is like a train for people that missed earliest Bitcoin opportunities", I believe you're right. As a personal anecdote, when speaking about this with a VC that manages a pretty big fund, he told me something like "well, maybe ICOs will crash, but first let us who lost the initial Bitcoin train to make some 100x money". Imagine that...
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Jamie Dimon: You’re Wasting Your Time With Bitcoin ... Jamie Dimon: Governments Will Crush Bitcoin - YouTube Jamie Dimon BUSTED Buying Bitcoin! (Bix Weir) JP Morgan CEO Jamie Dimon Rant on Bitcoin JPMorgan CEO Jamie Dimon: I Could Care Less About Bitcoin ...

JPMorgan Chief Executive Jamie Dimon lost both his parents to cancer earlier this week. Veteran Wall Streeter Theodore “Ted” Dimon passed away on June 5 at the age of 85. Themis Dimon, his ... Bitcoin 'is a fraud' and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co, said on Tuesday. Speaking at a bank investor conference in New York, Dimon said, 'The currency isn't ... Investors were in a hurry Wednesday to dump the cryptocurrency Bitcoin, after JPMorgan CEO Jamie Dimon warned that it “is a fraud” and will eventually “blow up”. Bitcoin is the original--and still the biggest--cryptocurrency, and has been on a tear in recent months. According to Reuters, it hit a record high just below $5,000 at the start of September after a more than fivefold ... Bitcoin rose around 30 percent in one month following Jamie Dimon's speech, where he also compared the currency to tulips bulbs in a reference to the famous market bubble from the 1600s. JP Morgan CEO Jamie Dimon still isn't excited about Bitcoin's potential. In an interview overnight he said he doesn't "really give a shit" about the cryptocurrency. Dimon called Bitcoin a "fraud" in September 2017. While its underlying blockchain technology is "real", he said overnight that he doesn't "really give a s…t" about the digital currency and can't see it rivalling fiat money.

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Jamie Dimon: You’re Wasting Your Time With Bitcoin ...

Wall Street JP Morgan CEO Jamie Dimon calls Bitcoin a fraud and discusses Bitcoin, Blockchain, Cryptocurrency, Bubbles, Bitcoin Bubble, The Fed, Monetary Policy, Cryptomania, Tulip Bubble, and ... J.P. Morgan CEO Jamie Dimon said that governments will "close [bitcoin] down." In the U.S., thankfully, that can never happen because bitcoin is protected by... JPMorgan CEO Jamie Dimon breaks down his view on bitcoin while speaking Friday at the Institute of International Finance. » Subscribe to CNBC: http://cnb.cx/... The CEOs of America's largest banks testify on Capitol Hill about how the industry has transformed in the 10 years following the financial crisis. » Subscrib... The "Squawk Box" crew discuss J.P. Morgan Chairman and CEO Jamie Dimon's latest comments on bitcoin and the trade war. » Subscribe to CNBC: http://cnb.cx/Sub...